Cryptocurrency, Tether (USDT), Stablecoins–Stablecoins, the growing classification of cryptocurrency which peg their wealth to an external source, have found a new supporter in the form of billionaire investor and Bitcoin bull Mike Novogratz.

Speaking at a conference in Frankfurt on Oct. 17, the Galaxy Digital Holdings Ltd. founder expanded upon his position for stablecoins, claiming that the technology may prove to be more beneficial for digital based transactions as opposed to traditional cryptocurrencies,